Tim Sherwood has left Tottenham Hotspur after five months in charge, club chairman Daniel Levy has confirmed.
Speculation that Sherwood would be replaced at the end of the season has blighted Spurs' campaign since the former midfielder took over in December, following the dismissal of Andre Villas-Boas.
With reports that both Ajax' Frank de Boer and Southampton's Mauricio Pochettino are in line to replace Sherwood, the 45-year-old appeared to resign himself to the fact that he would be axed sooner rather than later, with the curtain coming down on his short reign at White Hart Lane on Tuesday afternoon.
VIDEO: Sherwood says Spurs expected too much
A statement issued by Levy explained that when Sherwood was appointed on a permanent contract, a clause was agreed that the club could part company with him at the end of the season should they feel the need to, despite offering an 18-month contract that runs until the end of next season.
The statement read: "We appointed Tim mid-season as someone who knew both the players and the club.
"We agreed an 18-month contract with a break clause at the end of the season and we have now exercised that option.
"Since appointing Tim as assistant first team coach in 2008 and then as technical co-ordinator in 2010 and head of football development in 2012, we have been supportive of him during football management changes throughout that period. On behalf of the club, I should like to state our thanks for all his efforts during his years with us. We wish him great success in his managerial career.
Who could replace Tim Sherwood as Tottenham manager?
Who could replace Tim Sherwood as Tottenham manager?
1/11 Frank de Boer
Hugely respected former Ajax and Barcelona player Frank de Boer looks to have taken well to management having won the Eredivisie the last four years running. As respected as it is, Ajax has a tendency to be a stepping stone on to bigger things. So is Spurs big enough? The Dutchman has been strongly linked and in return he has suggested he would be keen.
2/11 Mauricio Pochettino
When Southampton appointed Pochettino it came as a shock. Few knew much more about him than he once tripped Michael Owen in the box when England met Argentina at the 2002 World Cup. Since then, he's shown himself to be a more than adept manager in the Premier League, making the most of the youthful team he found at St Mary's and instilling an ambition in the club few realised they were capable of. Since the departure of executive chairman Nicolas Cortese, the man who brought Pochettino to the club, there have been question marks over his future.
3/11 Glenn Hoddle
Glenn Hoddle was a fans favourite at White Hart Lane and has previously managed the North London club. The former England manager has been out of work since leaving his role as Wolverhampton Wanderers boss in 2006 and has openly expressed his desire to manage Tottenham Hotspur once again. He wasn't shy of criticising Sherwood either.
4/11 Jurgen Klinsmann
A Tottenham legend, Jurgen Klinsmann lit up the Premier League during his spell at White Hart Lane. Many Spurs fans will have fond memories of the German genius during his time in North London and would love to see the current United States national team boss make a return to the Lane.
5/11 Justin Edinburgh
Former Tottenham Hotspur defender Justin Edinburgh has worked wonders with League Two Newport County during his two-and-a-bit-years with the South Wales club. He joined the Exiles in 2011 and went on to win the Conference Premier play-offs the season after. Could he be a surprise candidate for the White Hart Lane hot seat?
6/11 Jupp Heynckes
The veteran German manager, who was named Fifa coach of the year in January, has been out of work since leaving Bayern Munich in May. In his last season at the German giants he won the Bundesliga, German Cup and the Champions League. He is currently retired but could the opportunity to manage Tottenham Hotspur draw him out of his armchair?
7/11 Sean Dyche
After being unceremoniously sacked by Watford, Sean Dyche has reinvented himself at Championship side Burnley. Dubbed the 'Ginger Mourinho' by the Turf Moor crowd, Dyche is a manager whose stock is rising, with his Clarets side having been promoted to the Premier League for next season.
8/11 Diego Simeone
Diego Simeone has taken to management like a duck to water, although the British public may not be his biggest fans, after the Argentinian was responsible for getting David Beckham sent-off at the 1998 World Cup in France. His record in Spain since taking over Atletico Madrid has been incredibly impressive with his side in contention for the La Liga title as well as reaching the lChampions League final. Might be difficult for Spurs to convince him to switch.
9/11 Michael Laudrup
The Dane has been out of work since being sacked by Swansea City over e-mail in February. During his time in Wales he led the Swans to their first trophy in their 102-year history as well as getting them to play some of leagues most attractive football.
10/11 Eddie Howe
Eddie Howe's name being thrown into the mix for the Tottenham manager's job could come as a surprise to the fans, but he is a manager that has impressed this season in the Championship. After a successful period at Bournemouth, he left for Burnley, his time at Turf Moor wasn't the best, but since returning to the Cherries he has got them playing an attractive style of football and up to 12th in the Championship.
11/11 David Moyes
Before he was 'chosen' to manage Manchester United, Moyes was linked with Spurs. Having been sacked after less than 10 months in charge of Manchester United, White Hart Lane could provide a quick return to management. His record prior to his latest job is excellent - after all - United thought he was good enough to replace Sir Alex.
"Moving forward, now the season is over, we shall embark on the process of finding a new head coach. We have a talented squad and exciting young players coming through. We need to build on this season, develop our potential and inspire the kind of performances that we associate with our great club."
With a number of managerial sackings either being executed in the past few days or expected in the weeks to come, Sherwood has been linked with a number of clubs who are seeking a new manager.
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West Brom dismissed Pepe Mel on Monday even though he kept the club in the Premier League less than 24 hours previous, and Sherwood is one of the front runners to take over at The Hawthorns.
He has also been linked with Championship side Brighton and Hove Albion following Oscar Garcia's resignation after the Seagulls lost the play-off semi-final against Derby, although Sherwood has admitted in the past his preference to remain a Premier League manager after his first taste of first-team management.
As far as Spurs' next manager is concerned, the bookmakers' favourite remains Pochettino, with the Saints manager admitting that his current project with the south coast club is over and he needs to begin a new one - he did not specify whether this was with another club or not.
Earlier in the season Louis van Gaal had been the number one candidate to take over the Spurs hot-seat in the summer once his commitments with the Netherlands national team comes to an end, but he now appears to be inching closer to becoming Manchester United's new manager following the conclusion of the World Cup.
Another to be linked with Spurs was Everton's Roberto Martinez, but the highly-rated Spaniard dismissed any possibility of leaving the Toffees and said any speculation saying he would consider the move would be taken as praise for his performance at Goodison Park. The switch would have to be deemed as a somewhat sideways move, given that Martinez's side beat Spurs to fifth place this season, although the larger financial opportunities at Tottenham could prove to be an attraction given their higher spending power than Everton's.
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